Wichita Industries' sales are 10% cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the second following month. On December 31, the accounts receivable balance includes $12,000 from November sales and $42,000 from December sales. Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?
A. $60,500.
B. $55,500.
C. $51,900.
D. $51,500.
E. $18,500.
Answer: A
Business
You might also like to view...
Inquiry tests are used for print ads
Indicate whether the statement is true or false
Business
Frequent changes to an MRP system cause the ______.
A. generation of firm planned orders B. production of exception reports C. shutdown of the MRP system D. nervousness in the MRP system
Business
Supervisors at TrueBlue are required to rank the employees on their staff in order from the strongest to weakest as part of the performance evaluation process. This ranking may lead to contrast errors.
Answer the following statement true (T) or false (F)
Business
An agreement that does not specify the time for performance is not binding because it is too indefinite.?
Indicate whether the statement is true or false
Business